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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mountfield Group Plc | LSE:MOGP | London | Ordinary Share | GB00B3CQW227 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.32 | 0.30 | 0.32 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMMOGP
RNS Number : 4348Q
Mountfield Group plc
12 September 2017
12 September 2017
Mountfield Group Plc (the "Company" or "the Group")
Half-yearly report to 30 June 2017
Mountfield Group Plc ("the Group"), the AIM listed commercial flooring and specialist construction services company announces its half-yearly report to 30 June 2017.
-- Net profit before tax for the first half of 2017 was GBP305k (2016: GBP316k). -- The Board expects a markedly improved performance from the Group for 2017 over 2016.
-- Connaught Access Flooring Limited ("CAF" or "Connaught") has won over GBP6m worth of contracts since the beginning of 2017.
-- The Board anticipates that CAF is about to win another significant contract - one with an initial value of cGBP4m.
-- Mountfield Building Group Limited ("MBG") is in negotiation over a number of valuable opportunities and its performance in the second half of the year is expected to be substantially stronger.
Andy Collins - Group CEO said:
"The first half of 2017 saw exciting developments for both Companies.
CAF has successfully tendered for GBP6m of new business since 1 January 2017 and expects shortly to confirm the gaining of a new, substantial contract. Together, this demonstrates the progress it has made in establishing itself as one of the few top-tier commercial flooring suppliers and installers. It also underlines its status as one of the very few commercial flooring companies that major construction companies and developers will trust when choosing a specialist able to take on a complex and valuable project, and one that has the proven ability to produce a very high quality product within a tight time schedule.
This level of turnover (the aggregate won in the first six months is more than it has previously won in a twelve month period) will ensure a strong performance during the current year and provide it with a strong start for 2018.
With a number of exciting opportunities under negotiation with both existing and new clients, the Board expects MBG to perform strongly in the second half of the year in terms of the profitable delivery of current projects and in securing significant new ones for completion in 2018 in line with its recently adopted business criteria and strategy."
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Mountfield Group Plc
Peter Jay, Chairman
Andy Collins, Chief Executive +44 (0)1268 561
Officer 516
Cairn Financial Advisers
LLP +44 (0)20 7213
Jo Turner/Tony Rawlinson 0880
Chairman and CEO's Statement
The first half of 2017 saw the Group generate a net profit before tax of GBP305k a figure that was in line with that earned in the corresponding period of 2016 (GBP316k).
The Board is very pleased with the progress that the Group has made in the first half of 2017 and expects a stronger performance in the second half of the year over that achieved in 2016 and that, as a result, the full year figures will reflect a marked improvement compared with those for the 2016 financial year.
Connaught
CAF has had an extremely satisfactory first half and achievement is reflected in the net profit of GBP408k earned during the first half (2016: GBP397k) but more particularly in the new business it has acquired to be undertaken during 2017-8. The first three of these contracts had already been announced and of them, two were separate contract stages in respect of a single property that were announced on 7 March 2017 (value of GBP1.2m) and on 29 August 2017 with a value of GBP1.5m to be undertaken in the 12 months from October 2017. In addition, the Company was awarded a contract valued at GBP2.5m (announced on 7 March 2017) for completion during 2017.
In addition to these contracts, the Board is confident that CAF is about to be awarded a particularly significant contract - one with an initial value of circa GBP4m - to supply and install flooring at another major office development in the City of London.
The Board expects that the Company's successes in 2017 are unlikely to be limited to these contracts. The market remains strong in terms of tender activity and CAF expects to secure additional works including some to be undertaken in 2018.
MBG
MBG's levels of activity and involvement in tendering and contract negotiations in the first half of the year were not reflected in its performance and in particular in the net profit of GBP44k (2016: GBP71k). The announcement on 6 September of it having won contracts for a single client with an aggregate value of approximately GBP750k and another where the client has provided MBG with a letter of intent enabling it to procure essential materials in advance of the commencement of a contract with a value in excess of GBP1m. These contracts are expected by the Board to be followed by a series of other contract wins during the remaining months of 2017.
The Board anticipates the Group performing well in the second half of the year and also CAF and MBG securing further business that will ensure a strong backbone for 2018.
Condensed consolidated statement of comprehensive income
For the six months ended 30 June 2017
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2017 2016 2016
(unaudited) (unaudited) (audited)
Note GBP GBP GBP
Revenue 5,683,667 4,915,089 9,634,979
Cost of sales (4,653,137) (3,892,054) (7,787,965)
------------ ------------ -------------
Gross profit 1,030,530 1,023,035 1,847,014
Administrative expenses (714,696) (695,182) (1,377,194)
------------ ------------ -------------
Operating profit 315,834 327,853 469,820
Net finance costs (10,815) (11,436) (27,276)
------------ ------------ -------------
Profit before income
tax 305,019 316,417 442,544
Income tax expense 3 (84,414) (68,871) (108,805)
------------ ------------ -------------
Total comprehensive profit
for the period 220,605 247,546 333,739
============ ============ =============
Earnings per share 4
Basic & diluted 0.086p 0.097p 0.131p
There are no recognised gains and losses other than those passing through the Statement of Comprehensive Income
Condensed consolidated statement of financial position
As at 30 June 2017
30 June 30 June 31 December
2017 2016 2016
(Unaudited) (Unaudited) (audited)
GBP GBP GBP
ASSETS
Non-current assets
Intangible assets 6,874,308 6,874,308 6,874,308
Property, plant
and equipment 85,389 97,612 90,956
Deferred income
tax assets 269,030 329,932 295,268
------------- ------------- ------------
7,228,727 7,301,852 7,260,532
------------- ------------- ------------
Current assets
Inventories 100,601 84,870 88,272
Trade and other
receivables 2,916,039 2,743,903 1,776,611
Cash and cash equivalents - 396,024 -
3,016,640 3,224,797 1,864,883
------------- ------------- ------------
TOTAL ASSETS 10,245,367 10,526,649 9,125,415
============= ============= ============
EQUITY AND LIABILITIES
Share capital and
reserves
Issued share capital 2,524,426 254,244 2,524,426
Share premium 1,490,682 1,490,682 1,490,682
Share based payments
reserve 68,871 68,871 68,871
Capital redemption
reserve 7,500 7,500 7,500
Merger reserve 4,051,967 12,951,180 4,051,967
Reverse acquisition
reserve (2,856,756) (2,856,756) (2,856,756)
Retained earnings (358,581) (9,564,591) (579,186)
------------- ------------- ------------
TOTAL EQUITY 4,928,109 2,351,130 4,707,504
------------- ------------- ------------
Current liabilities
Trade and other
payables 3,357,051 3,590,023 2,894,439
Short-term borrowings 1,434,896 1,620,615 897,579
Finance lease liabilities - 2,399 583
Current tax payable 115,946 52,499 57,770
------------- ------------- ------------
4,907,893 5,265,536 3,850,371
Non-current liabilities
Loan notes 297,911 2,909,983 393,857
Bank Loan 111,454 - 173,683
TOTAL LIABILITES 5,317,258 8,175,519 4,417,911
------------- ------------- ------------
TOTAL EQUITY & LIABILITIES 10,245,367 10,526,649 9,125,415
============= ============= ============
Condensed consolidated statement of changes in equity
For the six months ended 30 June 2017
Share Share Share Capital Reverse Merger Retained Total
capital premium based redemption Acquisition reserve earnings
payments reserve reserve
GBP GBP reserve GBP GBP GBP GBP GBP
GBP
Balance
at 1 January
2016 254,244 1,490,682 68,871 7,500 (2,856,756) 12,951,180 (9,812,138) 2,103,583
Total
comprehensive
income - - - - - - 247,546 -
Balance
at 30 June
2016 254,244 1,490,682 68,871 7,500 (2,856,756) 12,951,180 (9,564,591) 2,351,130
--------- ------------ ----------- ---------- --------------- ----------- ----------- ---------
Balance
at 1 July
2016 254,244 1,490,682 68,871 7,500 (2,856,756) 12,951,180 (9,564,591) 2,351,130
Total
comprehensive
income - - - - - - 86,193 86,193
Conversion
of loan
notes 2,270,182 - - - - - - 2,270,182
Transfer - - - - - (8,899,213) 8,899,213 -
Balance
at 31
December
2016 2,524,426 1,490,682 68,871 7,500 (2,856,756) 4,051,967 (579,186) 4,707,504
--------- ------------ ----------- ---------- --------------- ----------- ----------- ---------
Balance
at 1 January
2017 2,524,426 1,490,682 68,871 7,500 (2,856,756) 4,051,967 (579,186) 4,707,504
Total
comprehensive
income - - - - - - 220,605 220,605
--------- ------------ ----------- ---------- --------------- ----------- ----------- ---------
Balance
at 30 June
2017 2,524,426 1,490,682 68,871 7,500 (2,856,756) 4,051,967 (358,581) 4,928,109
--------- ------------ ----------- ---------- --------------- ----------- ----------- ---------
Condensed consolidated cash flow statement
For the six months ended 30 June 2017
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash from operating activities:
Operating profit 315,834 327,853 469,820
Adjusted for:
Depreciation 6,453 6,861 13,516
(Increase)/ decrease in
inventories (12,329) (12,035) (15,437)
(Increase)/ decrease in
trade and other receivables (1,139,428) (398,109) 569,187
(Decrease)/ increase in
trade and other payables 740,843 2,483 (614,007)
------------- ------------- -------------
Cash (used in)/ generated
by operations (88,627) (72,947) 423,079
Finance costs (10,815) (11,436) (27,276)
Finance income - - -
Taxation paid - - -
Net cash (outflow)/inflow
from operating activities (99,442) (84,383) 395,803
------------- ------------- -------------
Cash flows from investing
activities
Purchase of equipment (886) (2,259) (2,259)
Net cash flows from used
in investing activities (886) (2,259) (2,259)
------------- ------------- -------------
Cash flows from financing
activities:
Finance lease rentals (583) (1,747) (3,564)
Repayment of non-convertible
loan notes (95,946) (137,437) (283,381)
Facility repayments (62,229) - (51,858)
New facility loan - - 350,000
------------- ------------- -------------
Net cash flows from financing
activities (158,758) (139,184) 11,197
============= ============= =============
Net (decrease)/increase
in cash and cash equivalents (259,086) (225,826) 404,741
Cash and cash equivalents
brought forward (20,247) (424,988) (424,988)
------------- ------------- -------------
Cash and cash equivalents
carried forward (279,333) (650,814) (20,247)
============= ============= =============
For the purposes of the cash flow statement, cash and cash equivalents comprise the following:
As at As at As at
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
Cash at bank and in
hand - 396,024 -
Bank overdraft (279,333) (1,046,838) (20,247)
(279,333) (650,814) (20,247)
========== ============ =============
1. Notes to the Interim Report
Basis of preparation
The Group's interim financial statements for the six months ended 30 June 2017 were authorised for issue by the directors on 12 September 2017.
The consolidated interim financial statements, which are unaudited, do not constitute statutory accounts within the meaning
of Section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2016 have been filed with
the Registrar of Companies at Companies House. The audit report on the statutory accounts for the year ended 31 December
2016 was unqualified and did not contain any statements under Section 498 (2) or (3) of the Companies Act 2006.
The annual financial statements of Mountfield Group Plc for the year ended 31 December 2017 will be prepared in accordance
with International Financial Reporting Standards as adopted for use in the EU ("IFRS"). Accordingly, these interim financial
statements have been prepared using accounting policies consistent with those which will be adopted by the Group in the
financial statements and in compliance with IAS 34 "Interim financial reporting".
The consolidated interim financial statements have been prepared in accordance with the accounting policies set out in the
annual financial statements for the year ended 31 December 2016.
Basis of consolidation
The Group financial information consolidates that of the company and its subsidiaries.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
2. Segmental reporting
Segment information is presented in respect of the Group's business segments, which are based on the Group's management
and internal reporting structure.
The chief operating decision-maker has been identified as the Board of Directors (the Board). The Board reviews the Group's internal reporting in order to assess performance and allocate resources. Management have determined the operating segments based on these reports and on the internal report's structure.
Segment performance is evaluated by the Board based on revenue and profit before tax ("PBT"). Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis, such as centrally managed costs relating to individual segments and costs relating to land used in more than one individual segment.
Given that income taxes and certain corporate costs are managed on a centralised basis, these items are not allocated between operating segments for the purposes of the information presented to the Board and are accordingly omitted from the analysis below.
The Group comprises the following segments:
Mountfield
Direct contracting and trade contracting services to both main contractors and corporate end users.
Connaught
Providing raised flooring systems to both main contractors and corporate end users.
Segmental operating performance
Six months Six months Twelve months
to to to
30 June 2017 30 June 2016 31 December
2016
Segmental PBT Segmental PBT Segmental PBT
revenue revenue revenue
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------- --------- ----------- ---------
Construction 1,298 44 1,734 71 4,346 232
Fit -out 4,386 408 3,198 397 5,321 307
5,684 452 4,932 468 9,667 539
Inter-segmental
revenue and
unallocated
costs - (147) (17) (152) (32) (97)
----------- --------- ----------- --------- ----------- ---------
5,684 305 4,915 316 9,635 442
=========== ========= =========== ========= =========== =========
Business segments assets and liabilities
Six months Six months Twelve months
to to to
30 June 2017 30 June 2016 31 December
2016
Segment Segment Segment Segment Segment Segment
assets liabilities assets liabilities assets liabilities
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------- --------------
Construction 953 2,693 2,469 3,727 713 2,599
Fit-out 2,406 1,774 1,184 1,831 1,223 594
3,359 4,467 3,653 5,558 1,936 3,193
Goodwill -
Construction 2,000 - 2,000 - 2,000 -
Goodwill -
Fit-out 4,874 - 4,874 - 4,874 -
Other unallocated
assets & liabilities 12 850 - 2,565 315 1,225
10,245 5,317 10,527 8,123 9,125 4,418
========= ============== ========= ============== ========= ==============
Unallocated assets consist of deferred tax, trade and other receivables and cash held by the Parent Company.
Unallocated liabilities consist of trade and other payables and interest bearing loans owed by the Parent Company.
Revenue by geographical destination
Revenue is attributable to the United Kingdom and other EU markets.
Total assets including property, plant and equipment and intangible assets are all held in the UK.
3. Income tax (expense)/credit (continuing operations)
6 months 6 month to 12 months
to 30 June 2016 to
30 June 31 December
2017 2016
(unaudited) (unaudited) (audited)
GBP GBP GBP
Current tax on income for
the period (58,176) (52,499) (57,769)
Deferred tax (expense) (26,238) (16,372) (51,036)
------------- --------------- -------------
Income tax (expense)/credit
in the income statement (84,414) (68,871) (108,805)
============= =============== =============
4. Earnings per share
The basic earnings per share is calculated by dividing the earnings attributable to equity shareholders by the weighted average
number of shares in issue. In calculating the diluted earnings per share, share options outstanding have been taken into account
where the impact of these is dilutive.
The weighted average number of shares in the period was:
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2017 2016 2016
(unaudited) (unaudited) (audited)
Number Number Number
Basic ordinary shares
of 0.1p each 256,514,636 254,244,454 254,339,045
Dilutive ordinary shares - - -
from warrants & options
------------- ------------ --------------
Total diluted 256,514,636 254,244,454 254,339,045
------------- ------------ --------------
In the six months to 30 June 2017, the exercise price of the options and warrants exceeded the average market price of ordinary shares in the period, thus there is no dilutive effect on the weighted average number of ordinary shares or the diluted earnings per
share.
Earning attributable to equity shareholders of the parent
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2017 2016 2016
(unaudited) (unaudited) (audited)
Continuing operations
Basic earnings per share 0.086p 0.097p 0.131p
Diluted earnings per
share 0.086p 0.097p 0.131p
------------- ------------ --------------
Total diluted
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKDDQDBKBNCD
(END) Dow Jones Newswires
September 12, 2017 02:01 ET (06:01 GMT)
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